May 22, 2023

Vietnam achieves major breakthrough in energy sector with approval of Power Development Plan (PDP) VIII

Vietnam’s energy sector is buzzing with excitement as the country reaches a significant milestone – the official approval of the highly anticipated Power Development Plan (PDP) VIII. This groundbreaking plan sets out an extensive roadmap that will shape the future of energy in Vietnam from 2021 to 2030, with an outlook to 2050. As a result, this represents a pivotal moment in Vietnam’s journey towards a sustainable energy future, as it is poised to attract a surge of international investment into the country’s energy sector.

 

EuroCham Chairman Gabor Fluit expressed his belief in EuroCham’s pivotal role in shaping PDP VIII’s comprehensive and effective nature. He highlighted EuroCham members’ invaluable global expertise in developing, financing, and managing renewable energy projects. Their deep understanding of infrastructure requirements for generating and transmitting renewable energy positions them as dedicated supporters of Vietnam, local developers, and suppliers in their transition towards sustainability.

 

Here are the targets set out for 2030, compared to Vietnam’s current energy mix:

 

Credit: Reuters

 

However, this approval marks just the beginning of a challenging journey. The real work lies ahead in translating it into an implementation plan to meet the ambitious targets outlined above.

 

According to Tomaso Andreatta, EuroCham Green Growth Sector Committee Chairman, the approval of PDP VIII is a crucial step in completing the government’s formal framework to reform the energy system to meet the needs of the 21st century. To succeed, various reforms are needed, including strengthening local banks, attracting international investment in infrastructure, and bolstering Vietnam Electricity (EVN) to modernize the grid. Furthermore, decision-making processes must consider lifecycle economics, and new technologies that enable decarbonization must be embraced.

 

While challenges lie ahead, we give our appreciation to the Vietnamese government for taking this step! Let us sustain the momentum by progressing with the necessary next steps to reach Vietnam’s renewable energy mix goals.

 

 

Stay informed with our newsletter for interviews with our Board Members, as they delve into the significance and impact of PDP VIII. Gain valuable insights and firsthand perspectives from these industry leaders.

 

We are also thrilled to announce that we will be hosting a series of informative events in the near future, specifically designed to provide greater detail on the far-reaching impact of PDP VIII on our members and the nation as a whole. Stay tuned for more information!

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